Water spells and ep conservation (was Re: matrix gems)

[John Hogg <johnhogg@laf.cioe.com>]

A thought experiment on ep generation:

Depending on how the following sequence is started, this can begin with a
rate 2 character ... otherwise about 25 or so (counting buying dp to
survive)

1)	Keep 4800 eps, or whatever the applicable cost for the caster to 
	buy R16 Changings up from R15, in the "bank" (unspent)
2)	Mutate +2 Finesses for Envelop and Death Venom (2 of the most
	expensive physical critter abilities) ... the specifics of what
	one mutates for is irrelevant so long as they're big ... they're
	being used as ep placeholders for step 5.
3)	pay for the mutates by buying down attributes
4)	spend the eps in the "bank" on buying back rate 16 in changings
5)	Transmogrify to a human, dwarf, orc, other regularly played race
	(randomly determining new attributes)
6)	Spend your eps
7)	Repeat as necessary (assuming changings group is bought to 16)

Note, I'm estimating about rank 25 or so to have changings bought up to
16, and ballpark of 30-35 dp and a handful of other skills, spells, etc.

It would be possible to pull this off with a rate 2 character provided the
initial mutates and transmogs were cast upon them by another mage.


Assumptions:

Attribute = STR, PER, INT, ...

Mutate doesn't allow you to act as a "pool of eps" per se, but does allow
you to buy down elements of your character (attributes, spells,
skills, dp, mods, etc.) only to pay off the ep cost of the new abilities
that have been gained.

Transmogrify creates a completely new form for the subject.  In so doing,
the subject's attributes are changed to match the attributes of the new
form.

Rating of the subject before the transmogrify must equal the rating of the
subject after the transmogrify.  As such, the ep cost of creature
abilities are counted in the rating of a creature.

Attributes are not counted in the rating of a creature (though exceptional
or inferior stats, are considered creature abilities and counted).

As eps cannot be created, where in this thought experiement is my argument
wrong?